{"id":12255,"date":"2024-05-18T09:02:04","date_gmt":"2024-05-18T06:02:04","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=12255"},"modified":"2024-05-18T09:02:04","modified_gmt":"2024-05-18T06:02:04","slug":"reduction-in-the-small-business-tax-rate-passes-in-the-house-of-assembly","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=12255","title":{"rendered":"Reduction in the Small Business Tax Rate Passes in the House of Assembly"},"content":{"rendered":"

The small business corporate income tax rate in Newfoundland and Labrador has been reduced from 3 per cent to 2.5 per cent effective January 1, 2024.
\nThis tax reduction was announced in Budget 2024. It has now been approved by the House of Assembly through amendments to the Income Tax Act, 2000.
\nThe budget initiative will result in lower taxes for approximately 6,200 small businesses in Newfoundland and Labrador.
\nOther measures in Budget 2024 to support business and economic development include:<\/p>\n

    \n
  1. $500,000 for business navigators to work with businesses to help make it easier to navigate government policies and improve business processes by addressing red tape.<\/li>\n
  2. Approximately $35 million to support economic development initiatives including research and development, commercialization, investment attraction, regional development, and business growth activities.<\/li>\n
  3. $7 million for connectivity initiatives, including broadband and cellular, as part of the Provincial Government\u2019s overall $25 million commitment.<\/li>\n
  4. No new taxes, tax increases or fee increases.<\/li>\n<\/ol>\n

    More information on the small business corporate income tax is available here.
    \nQuote<\/strong>
    \u201cIn Budget 2024, we are delivering a reduction in the tax rate for small businesses which are essential to our communities. We are also expecting one of the highest rates of economic growth forecast for 2024 among provinces. All our efforts in this year\u2019s budget are towards a stronger, smarter, self-sufficient, sustainable province.\u201d
    Honourable Siobhan Coady
    Minister of Finance
    \n-30-
    \nLearn more<\/strong>
    Supporting Business and Economic Development \u2013 Budget 2024
    \nBudget 2024
    \nSmall Business Corporate Income Tax
    \nFollow us on X @GovNL
    \nLike us on Facebook
    \nBACKGROUNDER<\/strong>
    \nTax Measures to Support Business Since 2020<\/strong><\/p>\n

      \n
    1. Reduction in the small business corporate income tax rate from 3 per cent to 2.5 per cent, effective January 1, 2024. The small business rate applies to the first $500,000 of active business income.<\/li>\n
    2. Increasing the maximum annual cap for the Film and Video Industry Tax Credit from $4 million to $5 million, effective July 1, 2021.<\/li>\n
    3. Extending the Interactive Digital Media Tax Credit to December 31, 2024.<\/li>\n
    4. A new 20 per cent green technology tax credit for companies that invest in equipment for energy conservation and clean energy generation, use fuels from waste, or make efficient use of fossil fuels, effective April 7, 2022.<\/li>\n
    5. A new 10 per cent manufacturing and processing investment tax credit, effective April 7, 2022.<\/li>\n
    6. A new 40 per cent All Spend Film and Video Production Tax Credit with a maximum credit of $10 million annually per project, effective April 7, 2022.<\/li>\n
    7. Increased exemption threshold for HAPSET, the Health and Post-Secondary Education Tax, from $1.3 million to $2 million, effective January 1, 2023.<\/li>\n
    8. Temporary gasoline tax rate decrease for gasoline and diesel of 7 cents per litre (8.05 cents including HST), effective June 1, 2022, and has been extended to March 31, 2025 (announced March 5, 2024).<\/li>\n<\/ol>\n

      \t\t\t2024 05 17<\/span>
      \n\t\t\t2:10 pm<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

      The small business corporate income tax rate in Newfoundland and Labrador has been reduced from 3 per cent to 2.5 per cent effective January 1, 2024.<\/p>\n","protected":false},"author":6,"featured_media":12256,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[1521,8625,1766,10401,186,10402,6765,2536,33,106,4098,3681,4299,8099,1992,3818,3066,3395,645,405,358,249,2164,569,8903,706,415,3767,210,9046,2294,3398,4740,1991,2753,7776,2952,8872,4753,6074,8395,89,10400,3603,1358,1065,3359,4556,1183,1682,380,2389,884],"class_list":["post-12255","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other","tag-1521","tag-april","tag-budget","tag-budget-2024","tag-business","tag-business-and-economic-development","tag-business-tax","tag-communities","tag-companies","tag-connectivity","tag-conservation","tag-corporate-income-tax","tag-corporate-income-tax-rate","tag-credit","tag-decrease","tag-development","tag-diesel","tag-economic-development","tag-economic-growth","tag-education","tag-energy","tag-facebook","tag-film","tag-finance","tag-follow","tag-fossil-fuels","tag-government","tag-growth","tag-health","tag-house","tag-income","tag-income-tax","tag-income-tax-rate","tag-industry","tag-investment","tag-march","tag-media","tag-production","tag-project","tag-research","tag-research-and-development","tag-small-business","tag-small-business-corporate-income-tax-reduction","tag-small-businesses","tag-support","tag-tax","tag-tax-increases","tag-tax-rate","tag-taxes","tag-technology","tag-us","tag-video","tag-waste"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"\nReduction 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